Goldman Sachs is hiring Lubke five months after Congress mandated the regulation of the $583 trillion over-the-counter derivatives market, which complicated efforts to resolve the financial crisis. The reforms threaten to cut profits at dealers because they will make swaps prices known to the public.

Lubke now joins the ranks of former regulators-turned-Goldmanites, like board member Stephen Friedman. E. Gerald Corrigan, chief of the New York Fed between 1985 and 1993.

Of course Goldman is not unique here: Citi just hired ex-White House Budget Director Peter Orszag to be vice chairman of its i-banking business.

Lubke has not restrained himself when it comes to blasting the cartel-like control of the OTC derivatives market: “It is simply unacceptable in today’s environment that the design and structure of the OTC derivatives market can be controlled by a handful of large dealers," he said last year.